Churchill Downs (CHDN) Reports Q4 Earnings: What Key Metrics Have to Say

Core Insights - Churchill Downs (CHDN) reported revenue of $665.9 million for the quarter ended December 2025, reflecting a 6.7% increase year-over-year and a surprise of +0.78% over the Zacks Consensus Estimate of $660.73 million [1] - The company's EPS for the quarter was $0.97, up from $0.92 in the same quarter last year, resulting in an EPS surprise of +14.56% compared to the consensus estimate of $0.85 [1] Revenue Performance - Gaming revenue was reported at $250.3 million, slightly above the estimated $249.06 million, but this represents a -2.8% change compared to the year-ago quarter [4] - Net revenue from Wagering Services & Solutions was $104.9 million, exceeding the average estimate of $103.17 million [4] - Revenue from Live and Historical Racing reached $319.4 million, surpassing the estimated $308.09 million, marking a +15.9% change year-over-year [4] Adjusted EBITDA Metrics - Adjusted EBITDA for All Other segments was reported at $-26 million, below the average estimate of $-23.45 million [4] - Adjusted EBITDA for Wagering Services & Solutions was $42 million, exceeding the average estimate of $37.05 million [4] - Adjusted EBITDA for Gaming was $108.9 million, slightly below the estimated $113.04 million, while for Live and Historical Racing it was $122.1 million, marginally above the estimate of $121.65 million [4] Stock Performance - Over the past month, shares of Churchill Downs have returned -4%, compared to a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]